ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION NEWS BRIEF #38 SUNDAY 22 SEPTEMBER 2013 RESEARCH DEPARTMENT DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION REAL ESTATE NEWS UAE Contracts worth Dh1.5bn cleared for housing projects Ritz-Carlton interested in UAE expansion after new Abu Dhabi hotel success Dusit Thani hopes to increase UAE presence DUBAI Mohammed issues decree establishing 'Rental Disputes Settlement Centre' in Dubai DMCC is now UAE's largest free zone New project on sale in Downtown Dubai: Prices starting at Dh1m Changing face of Dubai’s realty projects Final set of villas released at Sanctuary Falls 98% of units sold at Viceroy Dubai Palm Jumeirah Dubai's JLT, Marina, Jumeirah Islands face water issues DAMAC Maison introduces Privé - Time is Running Out for best waterfront hotel apartments in the Burj Area, Dubai Arady Developments Announces Successful Sale of All Phase-I Residential Units Offered at Central Park Sales Event Abyaar Receive Apartments Building and Ready to Lease Emaar launches serviced residences in The Address Residence Fountain Views III in Downtown Dubai StanChart, ENSHAA ink $69m financing deal NORTHERN EMIRATES Ras Al Khaimah reaps the benefits of affordable luxury as international hotel groups move in QATAR Experts warn of low-cost homes crisis in Qatar KSA New Radisson Blu Hotel rising in Riyadh Nowayrah launches 'Obhur Townhouses' project SBG to build Damac luxury housing project in Riyadh Makkah house prices up 100% KAEC inks SAR210m deal with RCC for Al-Murooj villa project OTHER 460 housing units in Qurayat completed Tenders worth RO491,000 awarded for housing units in three governorates in Oman UAE Developers Launch $4.5 billion (Dhs 16.6 billion) Residential Project in Baghdad Oman rail project to unlock huge business opportunities DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com ASSET MANAGEMENT SALES LEASING VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION MOHAMMED ISSUES DECREE ESTABLISHING 'RENTAL DISPUTES SETTLEMENT CENTRE' IN DUBAI SUNDAY 22 SEPTEMBER 2013 In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice- President and Prime Minister of the UAE, has issued Decree No. 26 of 2013 establishing the ‘Rental Disputes Settlement Centre’ as part of the Land Department in the emirate of Dubai. The establishment of the centre aims to enhance legal procedures that facilitate the settlement of rental disputes which, in turn, will reflect positively on socio-economic stability among members of the community. The regulations set forth by the decree apply to the Special Judicial Committee for Rental Disputes which was established by Decree No. 2 of 1993 and its amendments. The mandate of centre, as per Decree No. 26 of 2013, includes the settlement of all rental disputes for properties in Dubai and free zones within the emirate (unless such disputes are assigned to judicial committees or special courts for the purposes of rent dispute settlement), lawsuits arising from such disputes, requests for urgent action by either of the disputing parties, appeals on rulings and sentences which may be challenged for appeal as per the decree and its ensuing regulations and decisions. As per the decree, the centre is not tasked with the settlement of rental disputes arising from financial leasing contracts in addition to disputes arising from long-term rent contracts that fall under the provisions of Law No. 7 of 2006 concerning property registration in the emirate of Dubai. The Chairman of the Dubai Judicial Council is authorised to issue necessary decisions to implement the provisions of the decree. The centre, its committees and departments are to be headed by judges. Members of various committees will comprise legal professionals and experts. Decisions and rulings are to be issued on behalf of His Highness the Ruler of Dubai unanimously or by a majority vote. The decree defines the organisational structure of the centre, both legal and administrative. The legal section will include departments for conciliation and mediation, trial chamber and appeals chamber in addition to a department tasked with implementing sentences and rulings. The administrative section will include a number of organisational units tasked with providing technical and administrative support to the legal section. The decree will be published in the official gazette and is effective after 60 days from its date of publication. Hamdan orders organising of award to coincide with Global Islamic Economy Summit DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 1 ASSET MANAGEMENT SALES LEASING • VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council has ordered organising of the ‘Islamic Economy Award’. The award aims to honour the efforts of business leaders, who provide the best innovative Sharia- compliant solutions globally. Sheikh Hamdan said: "Through the Islamic Economy Award, we would like to boost the role of the Islamic Economy in line with the Sheikh Mohammed bin Rashid's vision to make Dubai: the Capital of Islamic Economy, where the award affirms the role played by the Dubai: Capital of Islamic Economy Initiative in developing that sector.” ‘We realised through the vision of Sheikh Mohammed bin Rashid the importance of supporting excellence and innovation culture in various fields and particularly in the business society sector in order to upgrade it to the highest standards, therefore the commitment to the excellence and quality standards in the Islamic Economy sector is an inevitable requirement so as to maintain the achievements and gains that have been achieved in that sector in the recent years" Sheikh Hamdan added. He added that the award will include 14 different categories in the Islamic Economy in cooperation with the ‘Thomson Reuters’ and in conjunction with holding the Global Islamic Economy Summit, due to be organised by the Dubai Chamber of Commerce and Industry from November 25-26 in Dubai. Mohammed bin Abdullah Al Gergawi, Minister for Cabinet Affairs, Chairman of the Sheikh Mohammed bin Rashid Al Maktoum's Executive Office and chairman of the Higher Committee for Development of Islamic Economy Sector in Dubai said that the Islamic Economy Award comes within the efforts of Dubai: Capital of Islamic Economy' initiative to honour leaders of the Islamic Economy who have provided distinguished achievements in order to stimulate them for more developments and support in the light of the Sheikh Mohammed bin Rashid's vision and the directives of Sheikh Hamdan bin Mohammed to make Dubai: Capital of the Islamic Economy in the world. Source: Emirates Business 24/7 Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 2 ASSET MANAGEMENT SALES LEASING • VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION DMCC IS NOW UAE'S LARGEST FREE ZONE SUNDAY 22 SEPTEMBER 2013 The Dubai Multi Commodities Centre (DMCC) Free Zone is now the UAE’s largest Free Zone with over 7,330 active registrations. With an average of 200 companies choosing to join DMCC each month and a 94 per cent retention rate, DMCC also remains the UAE’s fastest growing free zone. “We are well on our way to achieving our target of 10,000 companies by 2015, at which point we anticipate to be almost at capacity. “Our expansion plans, including the DMCC business park and the world’s tallest commercial tower, will cater to large corporations looking to access new markets and will be the next phase in DMCC’s and Dubai’s growth,” said Ahmed Bin Sulayem, Executive Chairman, DMCC. As the demand for commercial space within the DMCC Free Zone continues to grow, with over 74 per cent of the development already occupied, DMCC recently announced plans to build the world’s tallest commercial tower in order to cater to this continued demand. The construction of the tower and business park will add an additional 50 per cent of commercial space to the existing 2.9 million square metres of built up area. “We continue to innovate and complement key trading hubs across the globe to further support Dubai’s ambitious economic development programme. Currently, we are concentrating on serving markets along the new Silk Route and have become a strong facilitator of trade for producing countries in African and consuming nations in Asia, ASEAN, Europe, South America and the US,” Bin Sulayem added. In terms of member demographics, a third of DMCC member companies are from South Asia, a third from the Middle East (including the UAE), and a third from Western Europe and North America respectively. Source: Emirates Business 24/7 Back to Index DUBAI | ABU DHABI | AL AIN | SHARJAH | QATAR | JORDAN IN THE MIDDLE EAST FOR 28 YEARS © Asteco Property Management, 2013 asteco.com | astecoreports.com Page 3 ASSET MANAGEMENT SALES LEASING • VALUATION & ADVISORY SALES MANAGEMENT OWNER ASSOCIATION CONTRACTS WORTH DH1.5BN CLEARED FOR HOUSING PROJECTS SATURDAY 21 SEPTEMBER 2013 Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs has approved contracts for phase one of a project to build and renovate 10,000 houses for the UAE citizens in the different emirates at a total cost of Dh1.5 billion. The housing scheme is one of the projects overseen by the Follow-up Committee of Initiatives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.